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tues.26.mar.2013 Sponsored by
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CYPRUS President Nicos Anastasiades
says a bailout he secured from
international creditors had saved his
nation from collapse but world markets
took fright that it might become a
model for other larger economies.
The agreement he struck averts a
chaotic eurozone exit for the island
and allows a partial reopening of bank
branches from Tuesday after a 10-day
shutdown imposed to avoid a run on
accounts while the talks dragged on.
But it comes at the expense of job
losses in the key financial sector and
a massive drying up of credit that
threatens a protracted recession.
After a brief rally, world stock markets
and the euro nosedived as the severity
of the model that had been set for
future bailouts of other larger indebted
eurozone economies became clear.
The agreement struck with the
European Union and the International
Monetary Fund deals a major hit to
investors and depositors in the island’s
biggest bank, the Bank of Cyprus, many
of whom are Russian, and will also
effectively shut down Laiki, its second-
largest lender.
Laiki is to be wound up, with what
is saved being merged with Bank of
Cyprus whose larger depositors will face
a “haircut” of 30 per cent, government
spokesman Christos Stylianides said.
The European Central Bank announced
that in light of the deal it would
continue its emergency funding of the
two banks which it had threatened to
cut off from Monday.
Their merger is likely to lead to major
job losses in a sector that had been one
of the few growth areas... READ MORE
Markets spooked by Cyprus deal
A Gold Coast-based funds management firm claiming to
manage billions of dollars in assets has collapsed, after an
investigation aired by ABC’s Four Corners.
LM Investment Management is also being investigated by
the Australian Securities and Investments Commission.
The Four Corners report examined claims made to investors
in LM’s Managed Performance Fund’s flagship property
development Maddison Estate at Pimpama, about 20 kms
from the Gold Coast.
Promotion of the real estate development included
celebrity gardener Jamie Durie, swimmer Sam Riley, beach
volleyballer Natalie Cook and 11-time world champion pro-
surfer Kelly Slater.
While investors were expecting sales of lots in... READ MORE
Gold Coast fund goes down
NEW resources minister Gary Gray has ruled out any
changes to federal Labor’s controversial mining tax.
The minerals resource rent tax (MRRT) has raised only $126
million in its first six months of operation against a full-year
forecast of $2 billion.
The Australian Greens are pressuring the government to
close loopholes in the tax, especially the ability of coal and
iron ore miners to offset state royalties against their MRRT
liabilities.
Gray, a former executive with oil and gas company Woodside
before his election to parliament in 2007, said even
discussing changes right now would produce uncertainty
and angst in the mining sector.
“ We are not about doing that,” he told ABC radio today.
“ The mining sector nowadays pays more to the... READ MORE
Mining tax stays: new minister
Eurozone President
Jeroen Dijsselbloem’s
comment sparked
market falls
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